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Are you trapped by your spending?

How you spend your cash today is a good indicator of the potential money hiccups you will face in retirement, according to finance guru Jackson Millan, who also goes by the moniker ‘the Wealth Mentor’.

Your income may fall short of your expectations unless you understand your spending habits thoroughly, he told YourLifeChoices.

Mr Millan, who wrote Enjoy the Journey: Creating Wealth and Living the Life You Desire, has helped clients save towards goals by identifying how their spending habits are likely to impair or enhance their retirement income. He then helps to reprogram their attitude to money so they can feel financially secure later in life. The seven spender types are:

 

According to Mr Millan, many retirees think it is too late to change their savings plans.

“But they are wrong. They mustn’t overlook the fact that how their assets are allocated today will have a substantial impact on how long their retirement savings will last.”

Tomorrow, the Wealth Mentor will explain which YourLifeChoices retirement tribes are likely to fall into the spender profiles he has identified. He believes people who understand why they are easily parted with their money are more likely to succeed at money management and to create wealth.

Can you identify with one of these spending categories? Have you ever sought out advice to help you change your attitude to money and start saving?

Read tomorrow’s follow-up article: Do you have your retirement tribe’s spending profile?

Related articles:
5 guaranteed saving solutions
300 ways to save money
How to save $2500 a year

Financial disclaimer: All content on the YourLifeChoices website is of a general nature and has been prepared without taking into account your objectives, financial situation or needs. It has been prepared with due care but no guarantees are provided for ongoing accuracy or relevance. Before making a decision based on this information, you should consider its appropriateness in regards to your own circumstances. You should seek professional advice from a financial planner, lawyer or tax agent in relation to any aspects that affect your financial and legal circumstances. Financial comments provided by readers cannot be relied upon as professional advice, because they are not verified independently by YourLifeChoices.

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